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5 Things You Need To Succeed As An Entrepreneur

You’ll eventually need start-up funds, an office space, and a business license to become an entrepreneur. But before you take the plunge, make sure you also have these five intangibles that are absolutely crucial to CEO success.

1. Confidence

When Morgan First started her first company, a Boston city guide and planner, she felt isolated at CEO networking events. She was not only the lone female, but also a 21-year-old redhead in a room of middle-aged, grey-haired men. She was naturally intimidated but, after the first few events, she realized that “when I walked in that room and I was confident, everyone in realized, ‘she’s different, I want to talk to her.’ And it was really just the difference of the energy I carried.”

First advises young entrepreneurs to have boundless confidence in themselves and their ideas, or at least to “fake it until you make it.” You might not have years of experience under your belt, but you must show confidence about your idea before anyone else—clients, partners, or investors—will take it seriously.

2. The Right Team

Working with others to execute a vision is often difficult for entrepreneurs. But it’s also essential, says Sarah Prevette, who names not finding the right team one of the key downfalls of her first start-up, Upinion. “I didn’t build a strong team around myself,” she says. “I thought I could do everything on my own.”

Whether it’s your business partner, your employees, or your lawyer, you must surround yourself with people who understand your business, support your goals, and challenge you in a positive way—from the very beginning. “Having a strong team around you picking those right players to help you represent your company is crucial,” says Nicole Myden, founder of public relations firm NMPR. “This business is my life, my heart and soul, and so I want anyone tied to it representing it like I would.”

3. Shameless Pride

“I’m a modest person by nature, but I’m not a modest business person,” says Myden, who spends significant time marketing her business both online and offline. “You have to promote your company. I’m in the business of PR, so if I’m not promoting my clients and my own business to my own network, why would I expect anyone to pay me for a service?”

Sarah Prevette notes that this is difficult for many, particularly in the tech space, where entrepreneurs are often introverts. But she views “getting out there, building relationships, and finding the right people to be involved” as the main key to her success.

4. An Advice Network

“Really, what does any 25-year-old know about starting a business?” says Myden. There’s a lot to learn, and you can’t be afraid to ask for—and listen to—advice on everything from start-up financing to marketing your business. “There are so many things that you’re not going to know, and there’s no reason to think that you should know everything,” says First.

Myden and First both highlight regular “mastermind” meetings to brainstorm ideas and discuss challenges with other young female entrepreneurs as a key to their continued success. The recent influx of young CEOs is a good thing: “When I was first starting out, there just weren’t that many groups,” says First. “But young entrepreneurs are becoming such a big thing, and there are so many more networks for them.”

And good news, the support is growing too. Intel, IBM, and HP have all recently pledged to back President Obama’s Startup America Partnership, an effort announced in January, and chaired by AOL co-founder Steve Case, to sponsor entrepreneurs.

5. Passion

As a start-up founder, you will devote a massive amount of time, energy, and resources to your business. So what will keep you going through sleepless nights or paycheck-free months? A full-blown obsession with your business and its success.

“You have to really be passionate about it and love what you’re doing,” says Myden, “and know that at the end of the day that you have your reasons for starting your own company. It really can’t be for anyone else.”

Maren Kate, founder of Escaping the 9 to 5, echoes these sentiments: “Your life as an entrepreneur is much like the movie Speed…Stop moving and you will blow up. Get comfortable and you will fail. Stop caring and it’s over.”

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